CEO David Taylor appoints six unit chiefs with oversight of both products and sales

Procter & Gamble Co. said it would revamp its management structure, shrinking the number of business units from 10 to six and giving the heads of those products control over regional sales teams as well as some functions previously run by headquarters.

The new organization, which will take effect next July, is part of an effort by the maker of Pampers diapers and Crest toothpaste to streamline its operations. The company has been under pressure to improve its performance from activist Trian Fund Management, which waged...